Business

Begbies Traynor Group sees H1 profits hit £2.7m

The group’s profit was boosted by an increase in non-cash amortisation costs from recent acquisitions to £2.6m (2020: £1.5m) and lower transaction costs of £2.7m (2020: £3.1m)

Begbies Traynor Group has reported that for the six-months ended 31 October 2021, pre-tax profits grew to £2.7m, up from £500,000 the previous year.

The group’s profit was boosted by an increase in non-cash amortisation costs from recent acquisitions to £2.6m (2020: £1.5m) and lower transaction costs of £2.7m (2020: £3.1m).

Meanwhile, revenue grew 39% to £52.3m during the period, with operating margins increasing to 16% (2020: 14.4%).

Looking ahead, following its recent acquisitions and organic development of the group, the firm said it forecasts an adjusted PBT for the full-year to range between £17m and £18.5m.

Ric Traynor, executive chairman of Begbies Traynor Group, said: “I am pleased to report a strong financial performance in the period, which is testament to the benefit and integration of our recent acquisitions and maintains our track record of growth in revenue and adjusted earnings.

“We have a strong platform for growth, and we continue to progress a pipeline of acquisition opportunities, which together with organic growth initiatives across the group, will enable us to build upon our track record and we remain confident in our outlook for the current year and beyond.”

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